BVI supports transition to T+1
On 15 December 2023, the BVI submitted a response to the ESMA consultation on shortening the settlement period for securities in the EU.
We support shortening the settlement period for securities from two days to one. However, a reasonable timeframe, including a test phase, is required for implementation so that all market participants can adapt their systems. Reducing the settlement period would be a necessary step towards harmonising the EU capital markets with the US, which will move from T+2 to T+1 in May 2024.